Magnis Resources Ltd (ASX: MNS)

Graphite mining and lithium-ion battery player, Magnis Resources Ltd (ASX: MNS) indicated about a trading halt on February 05, 2018 and the securities are to remain in such session state until earlier of any announcement released to the market or commencement of normal trading on February 07, 2018. Meanwhile, media is reporting that Bell Potter Securities is said to be putting across a placement for Magnis Resources with an aim to raise $5 million from 11.6 million new shares at 40 cents each, which represents a 7% discount to the last closing price. It has been speculated that the proceeds will be used for material acquisition of assets and equipment to enable Magnis move one notch up in terms of its lithium-ion manufacturing strategy. A portion of the proceeds might also be used for general working capital.

The group had announced for a MoU for the construction of a 30GWh lithium-ion battery plant in October 2017 in Germany. The German Lithium-ion battery plant will be named Listrom and Magnis will hold a 45% stake. Further, the first phase study is to commence shortly following consortium approval. The group also indicated about signing of Lithium-ion Battery Binding Sales Agreement for New York Gigafactory. It will be worth watching this stock for further developments.

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